Big four US banks lose $52 billion in valuation today as Dow drops 540 points

Comments by Brian Shilhavy
Editor, Health Impact News

The corporate media is now reporting on this widely, and the entire banking industry has taken a big hit today, losing billions of dollars in valuation, $52 billion lost to the four largest US banks alone.

Leaks and bank failures are no longer an “if”, but simply a “when”. What are the following?

Banks lose billions in value after tech lender SVB stumbles

Wall Street Journal

Investors jumped on shares of SVB Financial Group SIVB -60.41% and a swath of U.S. banks after the tech-focused lender said it lost nearly $2 billion selling assets after a drop in deposits bigger than expected.

The four largest US banks lost $52 billion in market value on Thursday. The KBW Nasdaq Bank Index posted its biggest drop since the pandemic hit markets nearly three years ago. Shares in SVB, the parent of Silicon Valley Bank, fell more than 60% after it disclosed the loss and sought to raise $2.25 billion in fresh capital by selling new shares.

Large and small banks posted sharp declines. PacWest Bancorp fell 25% and First Republic Bank lost 17%. Charles Schwab body fell 13%, while US Bancorp lost 7%. The largest U.S. bank, JPMorgan Chase & Co., fell 5.4 percent.

Read the full article.

Silicon Valley Bank Turmoil Triggers Market Panic: Big Four US Banks Lose Astonishing $52 Billion in Valuation, Dow Falls 540 Points

The Daily Mail

Steep losses in bank stocks dragged down Wall Street’s main indexes on Thursday, as turmoil at the parent company of Silicon Valley Bank fueled investor fears about the stability of the financial sector.

The S&P 500 banking index fell more than 6% in its biggest one-day drop in two years, after SVB Financial Group announced a massive capital raise to cover a $1.8 billion loss on the sale of investments.

The four largest US banks — JPMorgan Chase, Bank of America, Wells Fargo and Citigroup — saw their share prices fall between 4% and 6%, wiping $52.3 billion from their capitalizations market groups of the day.

Stocks fell broadly on Wall Street, with the Dow Jones Industrial Average falling 543 points, or 1.66%. The S&P 500 lost 1.85% and the Nasdaq composite fell 2.05%.

Shares of SVB Financial, owner of Silicon Valley Bank, fell more than 60% after the company announced the sale of new shares to cover losses on the sale of government bonds.

Read the full article.

Thiel Fund, venture firms advise companies to take money out of SVB

Bloomberg

Peter Thiel’s Founders Fund and several other high-profile venture capital firms advised their portfolio companies to pull money out of Silicon Valley Bank on Thursday, responding to panic over the bank’s financial condition in startup circles technological

Founders Fund, a prominent venture capital firm co-founded by billionaire Thiel, has asked its companies to move their funds, according to a person familiar with the matter who asked not to be identified discussing private information.

Coatue Management, Union Square Ventures and Founder Collective advised their portfolio companies to take their money out of the bank, people with knowledge of the matter said. Canaan, another major venture capital firm, told its portfolio companies to withdraw cash as needed, according to another person.

Read the full article.

OK, I’m hearing from dozens of founders about what to do at SVB.

It’s a total bank run.

— Howard Lerman (@howard) March 9, 2023

SVB direct messages and email threads are ON.

Every company I know of is scrambling to get their cash balances below 250k and the rest off the platform or into big bank funds asap

— Alex Miller (@alexlmiller) March 9, 2023

All the VCs sending panicked DMs about getting money out of SVB means there’s going to be a good run at probably the biggest, tech-first bank. Some companies will be destroyed or have liquidity problems. Not good for technology. (Note: Spindl totally unaffected.)

— Antonio García Martínez (agm.eth) (@antoniogm) March 9, 2023

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Posted on March 9, 2023

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